Building a good credit history is easier than most people think. If you plan to purchase major items like a house or a new car, or start a small business, it is vital for you to have a good credit history.
Here are some tips to maintain a good credit score and have a good history:
1. Make a list of the in's and out's of your expenses. This is especially true when going on a major shopping spree. After making a big dent on your credit card, take a look at your annual credit report and check for any discrepancy.
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2. Pay all your monthly bills promptly. It is a good thing to apply for an automatic bill payment for the bills that you really need to pay, as well as your monthly credit card payments.
3. Do not overcharge your credit cards. You credit score might lower if you go over the limit on your account.
When buying a car or if you car needs an overhaul or a major repair, it would help a lot if you have a good credit history.
First, the better your credit score is, the lower interest rates you can get when buying a new vehicle.
Second, for major car repairs, some shop owners require you to have a non-debit credit card, and of course, a good credit rating.
However, there are cases wherein you need to accept a less-than-ideal deal when buying a card if your credit score is low, or if your credit history is a mess.
'Buying your Dream Car'
Here's how you can get a car loan in spite of bad credit:
One of the major disadvantages of making late payments on a credit card is that your credit score will decrease.
This will be reflected on your credit history, and once there is a late payment reflected on your record, you will be offered a higher interest rate when buying a new car.
Once you are offered a high interest rate, do not sign anything yet. There is such a thing as a 'prime lending rate'.
This is the ideal maximum rate that you should be offered when making a loan or credit, or making major purchases using your credit card.
Tell the car salesman about the interest rate that you would like to have based on the prime rate.
But still, if your credit rating is a lot lower than what they require, you will be offered a higher rate.
If you cannot get a good deal from one car salesman, do not be afraid to look for another.
You wouldn't want to get anything less than your money's worth, so the hunt will be worth it.
There are a lot of options available when buying a car. You can either get a new car or a previously owned vehicle.
For a new car, check if the final offer is anywhere nead the suggested retail price for the car you are getting. For a used car, decide first on the make and model of the car that you will get and check out the ongoing rates online.
With these tips in mind, you can be on your way to driving that dream car home in spite of a bad credit history.
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